Crescent Energy (NYSE:CRGY) Shares Gap Up – Should You Buy?

Crescent Energy Company (NYSE:CRGY) shares gapped up prior to trading on Friday . The stock had previously closed at $10.38, but opened at $10.71. Crescent Energy shares last traded at $10.6150, with a volume of 1,300,146 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRGY. Weiss Ratings downgraded shares of Crescent Energy from a “hold (c)” rating to a “sell (d)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. upgraded Crescent Energy from a “neutral” rating to an “overweight” rating and set a $19.00 price target for the company in a research report on Friday, March 20th. UBS Group began coverage on Crescent Energy in a research note on Tuesday. They issued a “buy” rating and a $13.00 price target for the company. Wall Street Zen cut shares of Crescent Energy from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Wells Fargo & Company upped their price objective on shares of Crescent Energy from $14.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.58.

Crescent Energy Stock Performance

The firm’s fifty day moving average price is $11.25 and its 200 day moving average price is $11.09. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $3.48 billion, a PE ratio of -14.05 and a beta of 1.40.

Crescent Energy (NYSE:CRGY) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.14. Crescent Energy had a positive return on equity of 8.10% and a negative net margin of 7.47%.The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the business earned $0.57 EPS. The business’s quarterly revenue was up 24.5% on a year-over-year basis. On average, research analysts anticipate that Crescent Energy Company will post 1.77 earnings per share for the current year.

Crescent Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, May 18th. Crescent Energy’s payout ratio is presently -64.00%.

Hedge Funds Weigh In On Crescent Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRGY. Royal Bank of Canada boosted its holdings in shares of Crescent Energy by 16.1% during the 1st quarter. Royal Bank of Canada now owns 58,900 shares of the company’s stock worth $662,000 after buying an additional 8,173 shares during the period. AQR Capital Management LLC grew its stake in Crescent Energy by 8.9% in the 1st quarter. AQR Capital Management LLC now owns 17,104 shares of the company’s stock valued at $192,000 after buying an additional 1,397 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Crescent Energy by 6.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,670 shares of the company’s stock worth $1,109,000 after acquiring an additional 6,184 shares during the period. Goldman Sachs Group Inc. raised its holdings in Crescent Energy by 42.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,969,411 shares of the company’s stock worth $44,616,000 after acquiring an additional 1,174,576 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Crescent Energy by 32.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 244,456 shares of the company’s stock worth $2,748,000 after acquiring an additional 59,199 shares during the last quarter. Institutional investors and hedge funds own 52.11% of the company’s stock.

About Crescent Energy

Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company’s core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy’s integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle.

Crescent Energy’s operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin’s stacked pay intervals.